Cryptocurrency

Busan city collaborates with FTX to establish a local cryptocurrency exchange

South Korea’s Busan city has unveiled a collaboration with cryptocurrency trading platform FTX to build a local cryptocurrency exchange and ensure blockchain development, as stated by Cointelegraph. 

According to Cointelegraph, Sam Bankman-Fried’s FTX will be helping to build the Busan Digital Asset Exchange, through an official statement from Busan metropolitan city. The Bahamian-oriented firm will also support the city in fostering growth of the local blockchain industry. Busan city will utilise FTX’s technology and infrastructure to create its own cryptocurrency exchange. FTX also aims to be involved in promoting blockchain-based education with local universities and projects within the city’s blockchain special free zone, which was established back in 2019.

On the basis of information by Cointelegraph, Amy Woo, CEO, FTX Investment Division, the company will establish a Korea FTX branch in Busan in the next 12 months to help the city grow into a digital financial hub in Asia. The City of Busan agreement with FTX comes at the back of another partnership formed with Binance. The company and city entered into a memorandum of understanding to provide technological and infrastructure assistance to the city’s blockchain development efforts. 

Moreover, Cointelegraph noted that Busan has intended to establish itself as a blockchain hub in South Korea over the past five years through support of various initiatives and partnerships. Since Busan was designated as a South Korea blockchain’s sandbox in 2019, various projects have utilised the technology. The projects included the roll-out of proprietary blockchain-based ID system, cryptocurrency payment support for various services, and blockchain-powered drivers license platform. South Korea’s Financial Intelligence Unit has also made efforts to reduce foreign-based exchanges operating within the country in 2022, while the Financial Services Commission aiming to fast track the review of 13 different bills related to cryptocurrencies currently present in the National Assembly of South Korea.

(With insights from Cointelegraph)

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